This
is a glossary of terms that are, for the most part, unique
to the world of financial investigations, or terms that have
a different meaning than that which is commonly understood
when they are used in this context.

Q-TIP Trust (Qualified
Terminable Interest Property Trust): A type of trust
that is frequently used to provide for the welfare of a spouse.
It keeps the assets out of the estate of another (such as
a future marriage partner) if the grantor dies first. It allows
assets to be transferred between spouses. The grantor of a
Q-Tip trust directs the income generated from the assets to
their spouse for life, but has the power to distribute the
assets upon the death of the spouse. The trust qualifies the
grantor for unlimited marital deductions if the spouse dies
first.

Qualified Legal Opinion:
A contingent confirmation regarding the legality
of a new municipal bond issue. If there is a lawsuit to block
a new municipal bond issue, the bond counsel will examine
the situation. If the counsel concludes that there may be
a premise for the suit, a qualified opinion is issued that
expresses their doubt as to the result of the lawsuit. A non-qualified
opinion has no uncertainty concerning the new issue.

Qualified Pension Plan
or Trust: A retirement plan (or annuity) set up by
an employer for an employee into which the employee and/or
the employer may make tax deductible contributions. The plan's
investment earnings are tax deferred. The employees pay taxes
only when they draw money from the plan. If the money is withdrawn
before the legal age, penalties may also be incurred. IRA's,
and most corporate pension plans are deemed to be qualified.

Qualifying Share:
In order to qualify as a director of a corporation, the potential
director must own a share of the corporation's common stock.

Qualified Terminable
Interest Property Trust (Q-TIP Trust): A type of
trust that is frequently used to provide for the welfare of
a spouse. It keeps the assets out of the estate of another
(such as a future marriage partner) if the grantor dies first.
It allows assets to be transferred between spouses. The grantor
of a Q-Tip trust directs the income generated from the assets
to their spouse for life, but has the power to distribute
the assets upon the death of the spouse. The trust qualifies
the grantor for unlimited marital deductions if the spouse
dies first.

Qualitative Analysis:
Securities analysis that looks at a corporation's management
experience, employee morale and the status of labor relations
instead of the corporation's financial data.

Quantitative Analysis:
Securities analysis that looks at a corporation's financial
data and projections. Such items include its assets, liabilities,
sales pattern and profitability.

Quarterly Report:
A report, required by the SEC of publicly-held companies,
filed quarterly, that provides unaudited financial information
and other selected material.

Quarter Stock:
Stock with a par value of $25 per share.

Quick Asset: Current
assets that can be converted to cash quickly and easily. Quick
assets are current assets less inventory.

Quick Asset Ratio:
Also called acid test ratio or quick ratio, it is a corporation's
current assets minus inventories divided by current liabilities.
By excluding inventory from the formula, the ratio focuses
on a corporation's liquid assets, and helps determine if the
corporation can meet its current liabilities with its convertible
assets if sales ceased. A corporation is considered sound
when quick assets exceed current liabilities.

Quid Pro Quo: In
the securities industry, it is an agreement in which a company,
using institutional research, will execute all trades based
on that research with the firm providing it and thus, makes
payment in soft dollars. This is done instead of directly
paying for the research.

Quiet Period:
Time period that an issuer in registration is subject to Securities
and Exchange Commission (SEC) regulations regarding advertising.

Quotation Board:
Electronic board that displays a stock's current price quotations
and current trading volume.
Quoted Price: Price at which the last sale or purchase was
transacted for a specific security or commodity.